Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said on Monday that terror financing is a threat to national economies, adding the Kingdom is committed to combating the menace.
Opening a forum on compliance with international standards of anti-money laundering/combating the financing of terrorism (AML/CFT) in Amman, Sharkas said that the Central Bank of Jordan continues to issue directives and guidelines for AML/CFT/.
He said that the CBJ regularly holds capacity-building courses in this field.
Sharkas urged participants in the forum, held by the Union of Arab Banks in conjunction with the Association of Banks in Jordan, to develop ideas and initiatives that would help lower the risks associated with financial crimes and improve adherence to the fight against money laundering and terrorist financing.
The CBJ Governor said that the National AML/CFT Committee reviewed and amended legislation to comply with Financial Action Task Force (FATF) standards, resulting in a new AML/CF law as well as a new Companies Law that addresses shortcomings in the “actual beneficiary” side of financial operations.
He said that technological advancements over the last two decades have brought many new risks and challenges as financial crimes have become more sophisticated, adding that keeping up with this evolution has become an urgent need for supervisory and regulatory bodies.
Sharkas said that more stringent customer screening must not result in excessive risk management policies that undermine financial inclusion efforts.
He also cautioned against forcing some customers to conduct financial transactions outside of the formal financial system.
